Taines v. Munson

Plaintiffs sued defendants for an accounting on a claimed equitable mortgage. Tbe trial court found tbat the 1959 “sale” of an interest in land was in fact an equitable mortgage, but that plaintiffs had lost their right to claim an interest in the land because of laches, waiver and abandonment. Plaintiffs appeal.

Alger Homes, Inc., was in 1959 a building and development corporation wholly owned by Michael Taines (although Michael’s brother, Gerald Taines, had only recently sold his one-half interest in the company to Michael, and continued to take an active part in the affairs of Michael and…